Daily Wave Analysis for 16 April 2014 2014.04.16

EURUSD

Price could be making a retracement within an uptrend (blue trend line).

4 hour chart EURUSD:

An ABC correction could complete wave 2, which in turn might potentially translate into a breakout (green arrows) to higher levels.

60 min chart EURUSD:

GBPUSD

Price bounced strongly to the upside at the 61.8% Fibonacci level and the daily candle has a big wick at the bottom.

4 hour chart GBPUSD:

The wave 4 (green) has slightly gone through the wave 1 top but the wave count will remain the same as the break was small. Now there is a chance for price to potentially break (green arrows) above the resistance (magenta).

60 min chart GBPUSD:

USDJPY

The recent fall could be part of bigger wedge (WXYXZ). Whether the bigger count is a wave 1-2 (magenta) seems very questionable at the moment.

4 hour chart USDJPY:

For the moment price is near potential daily support (blue dotted) and for the first time seems to be making  a first attempt to bounce up.

60 min chart USDJPY: